Sometimes we can avoid addressing the elephant in the room for a while. However, when there are three elephants in the room, it's time to address the issues. Designed for practitioners and their staff, whether in public accounting or business and industry, this course provides a comprehensive review and update of the FASB’s Big 3 accounting and reporting areas -- Revenue Recognition, Leases, and Financial Instruments. We will focus on recently issued Accounting Standards Updates and Exposure Drafts, covering these critical areas of your practice or organization. We will analyze the Big 3, which have a major effect on all industries, using examples and illustrations to provide a hands-on approach that will help you better assess and implement the new standards and guidance applicable to your clients or organization.

Major Topics:

  • The FASB’s comprehensive new revenue recognition standard, ASU No. 2014-09, Revenue from Contracts with Customers
  • The new five-step principles-based revenue recognition model
  • Revenue presentation, disclosures, and implementation guidance and illustrations
  • Key differences between current U.S. GAAP and the new revenue recognition guidance
  • The FASB’s proposed ASU, Leases (Topic 842): a revision of the 2010 proposed Accounting Standards Update, Leases (Topic 840)
  • Overall lease accounting guidance
  • Lessee vs. Lessor accounting
  • Sale and leaseback transactions
  • The FASB’s three proposed ASUs relating to financial instruments
  • Classification and measurement
  • Impairment
  • Hedging

Learning Objectives:

  • Understand and apply the FASB’s new revenue recognition standard, ASU No. 2014-09
  • Review the FASB’s current proposed lease accounting guidance
  • Be familiar with the FASB’s financial instruments project covering classification and measurement, impairment, and hedging

Designed For: Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review
Level of Knowledge: Intermediate
Prerequisite: Experience in financial accounting and reporting
Advanced Preparation: None
Credits: 8